Back
2 Feb 2015
Gold declines more than 1% in EUR
FXStreet (Mumbai) - Gold prices declined in the EUR terms as the Greece concerns seem to have subsided for the moment, while the Eurozone manufacturing activity ticked up in January.
Bearish crossover between 5-DMA and 10-DMA
The yellow metal in the EUR terms trades below the 5-DMA and the 10-DMA located at 1128.36 and 1138.37 levels. The metal came under pressure earlier today after the Eurozone Manufacturing PMI rose to 51.0 from the December’s print of 50.6.
The metal may slide further after European Central Bank (ECB) data released during the US session showed total covered bond purchases have risen to EUR 40.25 billion, from EUR 37.2 billion last week. Moreover, the pace of purchases is increasingly making it clear that the ABS purchase program, with total purchases at EUR 2.325 billion shall not have any significant impact on the ECB’s balance sheet.
Gold (EUR) Technical Levels
At the moment, the metal is trading 1.39% lower at EUR 1121.65/Oz levels. The immediate support is seen at 1132.27 (Jan. 16th high), under which the metal could test 1100.15 (Jan. 22nd low). Meanwhile, resistance is seen at 1228.36 (5-DMA) and 1138.37 (10-DMA) levels.
Bearish crossover between 5-DMA and 10-DMA
The yellow metal in the EUR terms trades below the 5-DMA and the 10-DMA located at 1128.36 and 1138.37 levels. The metal came under pressure earlier today after the Eurozone Manufacturing PMI rose to 51.0 from the December’s print of 50.6.
The metal may slide further after European Central Bank (ECB) data released during the US session showed total covered bond purchases have risen to EUR 40.25 billion, from EUR 37.2 billion last week. Moreover, the pace of purchases is increasingly making it clear that the ABS purchase program, with total purchases at EUR 2.325 billion shall not have any significant impact on the ECB’s balance sheet.
Gold (EUR) Technical Levels
At the moment, the metal is trading 1.39% lower at EUR 1121.65/Oz levels. The immediate support is seen at 1132.27 (Jan. 16th high), under which the metal could test 1100.15 (Jan. 22nd low). Meanwhile, resistance is seen at 1228.36 (5-DMA) and 1138.37 (10-DMA) levels.